The rise in disposable income of Asia Pacific consumers has augmented the fashion-consciousness of the customers, propelling the footwear market in Asia Pacific. Furthermore, the increasing population, escalating sports activities, and adoption of western culture are adding fuel to the growth of the market. Market players, on the other hand, are contributing to the swelling of market by involving in various partnerships, featuring new products, and providing cost efficient products. All these factors are promising high growth of the market over the forthcoming years. Moreover, high availability of raw materials and low wages reduces the overall cost of products, which allow the players to export their products to other parts of the world.
It is estimated that the Asia Pacific footwear market will reach the value of US$64.2 bn by the end of 2020, while expanding at a steady rate of 2.0% CAGR over the forecast period of 2014-2020.
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Non-athletic Footwear to Exhibit Steady Growth Due to Arrival of New Products
The market for footwear in Asia Pacific can be segmented on the basis of type, which include athletic and non-athletic footwear, and on the basis of consumer group into men, women, and kids. In the year 2013, non-athletic shoes held a dominant share in the market. This segment consists of numerous types of footwear including dress and casual footwear for kids, women, and men such as boots, pumps, and loafers. This segment also includes various type of formal footwear, flip flops, and house slippers. Whereas, athletic footwear includes active life style, sports, and athletic footwear. The segment also includes several types of footwear that are not specifically manufactured of any sports but for performance inspired and for other activities.
Hosting International Sports Events Fuels Athletic Footwear Demand in China
On the basis of geography, the market for footwear in Asia Pacific is divided into countries such as Thailand, Australia, Singapore, Japan, India, China and Rest of Asia. Among these, China is expected to showcase highest rate of growth followed by India and Japan. China non athletic and athletic footwear segments are propelled by increasing spending capabilities of consumers and the increasing population.
The rising media exposure, rapid development of the economy, and hosting of international sports events are other key factors helping China to expand its market for athletic footwear. As consumers in China are becoming more aware about healthy and active lifestyles, the non-athletic is also envisioned to grow significantly over the forthcoming years.
The market for non-athletic and athletic footwear in India are projected to exhibit an impressive growth rate owing to demographic factors and strong economy. Manufacturers are innovating their strategies to gain traction of Indian customers and expand their business. Designs at a low cost, introduction of new shades, and growing focus on sportswear are few of the factors responsible for development of footwear market in India. Urbanization, increasing retail activity, secure online purchase systems, entry of foreign players, and rising income levels are promising lucrative growth opportunities for India footwear market.
Prominent players in the market for footwear in Asia Pacific are striving to expand their market by adding new products to their portfolio. Few of the key players include ANTA Sports Products Limited, Li Ning Co Ltd, ABC-Mart, Bata India Ltd, and Asics Corp.